Having raised more than $1 billion for the purpose, Neuberger Berman Group's Dyal Capital Partners is wasting no time in buying stakes in hedge fund managers.

The fund, set up two-and-a-half years ago to buy passive minority stakes in established hedge fund managers, has now invested in at least three managers. Two of those stakes have been purchased in the past two months, including this week's announcement of its partnership with Scopia Fund Management.

As with its other deals, Scopia will retain complete control over its management and long/short investment process, with its management team, led by Matt Sirovich and Jeremy Mindich, remaining in place. Terms of the agreement were not disclosed.

"We believe this transaction further aligns us with our clients as 100% of the after-tax net proceeds are being reinvested into our funds," Sirovich said. "We are confident this deal further strengthens Scopia as we continue our second decade of asset management."

Scopia has about $3.4 billion in assets under management.

Dyal's deal with Scopia comes less than a month after it announced a similar agreement with Pinnacle Asset Management. The fund invested in Paris-based Capital Fund Management a year ago, and said when it closed to new investments at $1.28 billion last month that it expected to close several deals within a few months.

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The testimony of former FBI Director James Comey came and went with more hype than harm to Donald Trump’s administration. The more important issue is whether Congress spent too much political capital to get comprehensive tax reform done by the end of 2017. The likelihood of significant policy changes is fleeting for the year. Some economists are even losing hope that tax reform will be completed by the midterm elections of 2018.